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Various abbreviations used for this type of contract are LSTK for lump sum turn key, EPIC for engineering, procurement, installation & commissioning and EPCC for engineering, procurement, construction and commissioning. Use of EPIC is common, e.g., by FIDIC and most Persian Gulf countries. Use of LSTK is common in the Kingdom of Saudi Arabia.
The second contract is the owner-contractor contract, which involves construction. An indirect third-party relationship exists between the designer and the contractor, due to these two contracts. An owner may also contract with a construction project management company as an adviser, creating a third contract relationship in the project.
VOWD of EPC (contract) services are measured in terms of actual physical progress based on the documentary evidence of the deliverable produced. The VOWD is determined by applying the percentage of physical progress achieved to the current committed value of the cost of that item, which is in general the contract or purchase order value, including any approved changes.
Caterpillar Inc., also known as Cat, is an American construction, mining and other engineering equipment manufacturer. [6] The company is the world's largest manufacturer of construction equipment. [3] [7] [8] In 2018, Caterpillar was ranked number 73 on the Fortune 500 list [9] and number 265 on the Global Fortune 500 list. [10]
BGR Turbines Company Pvt Ltd has entered into a technical collaboration agreement and joint venture with Hitachi Ltd, Japan, with BGR Energy Systems Limited holding 74% equity and Hitachi Limited holding 26%. This collaboration focuses on super-critical steam turbine and generator technology ranging from 660 MW to 1000 MW. [10]
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